New Delhi, Feb 28 (PTI) NSE is working with international bourses and index providers to facilitate an orderly transition that is not disruptive to the markets and stakeholders, its chief Vikram Limaye said today.

Top officials of NSE visited USA and other countries this week to address their concerns of wide range of stakeholders including the market participants. "The visit was organised with an objective to reassure all stakeholders that the exchange is working with them to facilitate an orderly transition that is not disruptive to the markets and stakeholders. "This engagement with various stakeholders will continue going forward to address any concerns," Limaye, who is the managing director and chief executive at NSE, told PTI here. His comments come days after after top bourses NSE, BSE and Metropolitan Stock Exchange on February 9 terminated agreements that allowed their index derivatives to be traded on overseas bourses and data vendors from providing data to entities which would use it to trade on international bourses. The NSE chief also said the move by Indian stock exchanges to restrict data feeds is not anti-competitive as the decision is consistent with the policies adopted across by every international exchange.

"It is very common to find other exchanges around the world not licensing indices or data in any of their core contracts if it is being used to fragment liquidity and build liquidity outside their market,?? Limaye said. He also said that NSE will continue to provide market data to market participants and index providers including MSCI to help them raise money for exchange traded funds (ETFs) as long as the data is not used to price and trade a derivatives contract on Indian securities on an offshore exchange.

The National Stock Exchange (NSE) said that stock prices would be shared with everybody including index constructors and they can construct India indices based on the data provided.

"We have had several conversations with MSCI and are working with them to help them make transition changes. Indian markets are open and continue to provide easy, simple access to all foreign investors who can trade in India or in GIFT city. Also licensing of indices and data is a commercial matter and should be viewed as such," Limaye said. MSCI, earlier this month, had termed the move by Indian stock exchanges to restrict derivatives trading and data feeds overseas as anti-competitive.

NSE said it is also working with the regulators to further enhance the attractiveness and competitiveness of the Indian markets for accessing and trading India related products. PTI SP SBT -

This is unedited, unformatted feed from the Press Trust of India wire.

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